What to know:
- CryptoQuant analyst Amr Taha identified positive XRP spot metrics across major exchanges despite continued price weakness and defensive futures positioning.
- Estimated Spot CVD climbed to positive $406.6 million while Binance perpetual selling deepened and Open Interest declined more than 20%.
- Growing divergence between spot accumulation and derivatives caution could strengthen XRP’s outlook if leveraged selling continues to ease.
CryptoQuant analyst Amr Taha has identified a notable shift in XRP’s underlying market structure, showing that buying activity across major centralized exchanges continues to strengthen even as the token trades below recent highs.
The latest analysis suggests spot investors are steadily absorbing supply while leveraged traders remain defensive. According to Taha, the growing gap between the two markets could become XRP’s most important signal in the near term.
XRP Metrics Turn Positive Across Top Exchanges
Taha noted that the Estimated Spot Cumulative Volume Delta across all centralized exchanges climbed from roughly negative $42 million on May 12 to positive $406.6 million by July 7. The improvement of nearly $448 million indicates aggressive buyers have consistently absorbed available XRP supply over the past two months.
Spot Cumulative Volume Delta measures the difference between aggressive buying and selling activity. When the indicator moves into positive territory, it generally reflects stronger demand because buyers continue taking available liquidity. Moreover, sustained gains often indicate accumulation by investors rather than speculative trading.
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Source: CryptoQuant
Binance’s spot market also recorded encouraging progress during the period. The exchange’s Estimated Spot CVD improved from approximately negative $212 million on June 25 to negative $173 million by July 7. Although the metric remains below zero, the change suggests selling pressure on Binance’s spot market has eased considerably.
However, Binance’s perpetual futures market continued to move in the opposite direction. Taha reported that Binance Perpetual CVD declined from around negative $48 million to negative $783.2 million over the same period. The nearly $735 million deterioration highlights sustained sell-side aggression from leveraged traders despite improving spot demand across major exchanges.
Source: CryptoQuant
Meanwhile, the divergence extends beyond buying and selling activity. Binance Open Interest declined from approximately 255 million to 203.5 million between late May and early July. The drop of more than 20% indicates that traders are reducing leveraged exposure rather than opening new speculative positions.
At the same time, XRP has remained relatively stable despite persistent selling in perpetual futures. That resilience suggests spot buyers have absorbed much of the supply entering the market, preventing a deeper decline even as derivatives traders maintain a defensive stance.
The growing separation between improving spot demand and weakening derivatives activity has become the key takeaway from Taha’s analysis. If buying across centralized exchanges remains strengthened while perpetual selling begins to moderate, the market structure could gradually shift in favor of buyers. A recovery in derivatives sentiment alongside sustained spot accumulation would strengthen the case for improved momentum in the sessions ahead.
XRP’s most important signal now lies in the widening gap between rising spot demand and cautious futures positioning. If the current trend persists, the improving spot metrics could provide a stronger foundation for XRP’s next meaningful market move.
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